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Charles Toth
Vice President, Enforcement
Jeff Mount
Vice-President, Pacific Region

New SRO announces disciplinary proceeding in respect of Baljit Rana

April 6, 2023 (Toronto, Ontario) – The New Self-Regulatory Organization of Canada (“New SRO”) has commenced disciplinary proceedings in respect of Baljit Bassi Rana (the “Respondent”). In its Notice of Hearing dated March 20, 2023 (the “Notice of Hearing”), Staff of New SRO alleges that the Respondent engaged in the following violations of the Mutual Fund Dealer Rules:

Allegation #1: On February 16, 2019, the Respondent photocopied the signature pages from account forms previously signed by two clients and reused the signature pages to complete four account forms and submitted the forms to the Dealer Member for processing, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).[1]

Allegation #2: Between March 22, 2018 and June 2, 2020, the Respondent altered and used to process transactions seven account forms in respect of seven clients, by altering information on the account forms without having the client initial the alterations, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).

Allegation #3: Between November 28, 2016 and January 13, 2021, the Respondent obtained, possessed, and in some instances used to process transactions, 11 pre-signed account forms in respect of 9 clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the New SRO’s Pacific District Hearing Committee on April 18, 2023 at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.

A copy of the Notice of Hearing is available on the MFDA website at During the period described in the Notice of Hearing, the Respondent conducted business in the Golden, British Columbia area.

New Self-Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit


[1] Staff alleges that, at the time of the misconduct, the Respondent contravened MFDA Rule 2.1.1, which is now incorporated into Mutual Fund Dealer Rule 2.1.1 referred to in this proceeding.

DM 903310